Manchester United have announced profits of £20.3 million for the six months to the end of January, drop of 34 per cent from the comparable period for 2001.
Although the club saw turnover in the six months to January 31 rise by 13 percent to £92.6 million, the club’s profits sllipped due to a drop in transfer revenue.
“We have significantly improved our operating performance,” said chief executive Peter Kenyon.
“The strength of the balance sheet and our diversified revenue streams have increased the resilience and competitiveness of Manchester United.
“Looking ahead, we have a clear strategy focusing on the development of media rights, the conversion of more fans to customers and the leveraging of our global brand.”
The club’s ‘s wage bill for the six-month period was £39.7 million but at 43 percent of turnover this is still within the club’s stated target to keep the figure below 50 percent of the club’s revenue.
“The strength of the balance sheet and our diversified revenue streams have increased the resilience and competitiveness of Manchester United plc,” Kenyon added.
He said the company’s future strategy would concentrate on the development of media rights and the conversion of more fans into customers.
“We’re delighted with what we think are a strong set of financial results. Today our shareholders will be very happy that we have a business which sets ourselves apart from the rest of the industry.”